What is levied by the Wealth Tax and when is it due?
Wealth Tax is levied on the net wealth of individuals, all the assets and rights of economic content of which they are the owner, less any charges and encumbrances that reduce their value, as well as the debts and personal obligations for which the owner is liable.
It is applicable throughout the national territory, without prejudice to the provincial tax systems of the Economic Agreement in force in the Historical Territories of the Basque Country and the Autonomous Region of Navarre, respectively, and to the provisions of the International Treaties or Conventions that have become part of the internal legislation of the State.
Wealth Tax is a tax whose yield is transferred in its entirety to the Autonomous Communities.
As a result of the transfer, the Autonomous Communities will be able to take regulatory powers over the tax-free threshold, the tax rate, deductions and rebates.
Liability for Wealth Tax applies on 31 December every year and affects the assets the taxpayer holds on that date.
People who died in the year on any day prior to 31 December are not required to file a return for this tax